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About Sunrise
Sunrise is a Wormhole-ecosystem cross-chain gateway that brings assets from other chains — including tokenized equities and ETFs — into Solana DeFi in one step, with first-day liquidity. It targets non-native assets needing multiple bridges, fragmented liquidity and no market maker on day one. The gateway charges on transfer volume, so revenue tracks the number of assets onboarded.
The mechanism uses a single canonical address transfer: assets are not re-wrapped and no liquidity-pool bridge is involved, avoiding layered wrapped-asset risk, with tokenized assets minted at the source by the issuer and delivered to Solana. Tokenized memory and space-related instruments were added in 2026. Its security boundary essentially equals the underlying bridge's validator set, with no independent audit of its own.
Sunrise launched on November 23, 2025, as a cross-chain asset gateway built by Wormhole Labs, with Monad's MON as its first listing, enabling same-day trading on Solana. On June 12, 2026, Sunrise facilitated the tokenized equity SPCX on SpaceX's IPO day, generating over $50M in volume within 24 hours, marking a pivotal entry of real-world assets. The HYPE case demonstrated that bridging alone does not create a market—Sunrise's routing and liquidity infrastructure took five months to form a deep market. By mid-June 2026, Sunrise had processed $3.5B in onchain volume across 14M trades and 221K wallets, establishing itself as the canonical gateway for external assets on Solana.
Sunrise, a Solana cross-chain asset-listing gateway by Wormhole Labs, kept onboarding assets in 2026: native SUI became tradable on Solana via Sunrise on April 1, and on April 27 Aave went live on Solana through Sunrise, integrating Jupiter, Phantom and Solflare, with the Babylon Foundation depositing $3 million USDT for initial liquidity.
Future strategy and roadmap: Sunrise will keep expanding the tokenized stock list on Solana with Backpack Securities, which began with SPCX in June 2026, passed 30 tickers by September and plans to grow from about 200 to more than ten thousand, with Sunrise handling on-chain listing and liquidity formation across DEXs and wallets; it will also integrate NEAR via Near Intents and more native assets and institutional tools, cementing Solana as the core hub for cross-chain asset issuance and trading and using Backpack Securities regulated brokerage and redemption rails to improve compliant access to tokenized equities.
Sunrise is incubated by Wormhole Labs and run by co-founder and CEO Saeed Badreg, who studied law and society at American University and earned an MBA at DePaul before running the app developer Tolemaeus as CEO. He moved to Jump Crypto in 2021 to lead strategic partnerships around Wormhole and Pyth, and in 2023 co-founded Wormhole Labs with Anthony Ramirez and Tony Jin, becoming CEO after the protocol spun out. CTO Tony Jin holds a Stanford computer science degree, rose from engineer to manager at Box, became director of engineering at Twitch overseeing player and broadcast SDKs, and joined Jump Crypto in 2022 to manage the Wormhole engineering team. COO Anthony Ramirez handles issuer relations and compliance. The core comes from the Jump Crypto and Wormhole networks, reporting to the three founders.